Castle Lanterra Properties acquired the Loftin Place apartments at 805 N. Olive Ave. in West Palm Beach, FL for $63.5 million, or about $245,000 per unit, from Cypress Real Estate Advisors, Inc.

Cypress developed the eight-story, 213,272-square-foot multifamily building in 2015 in the Outer West Palm Beach MF submarket.

Mitch Clarfield of Berkeley Point Capital LLC represented the buyer. David Layman with law firm Greenberg Traurig advised the buyer on the sale. Avery Klann, Jonathan Senn and Hampton Beebe with ARA Newmark represented the seller.

Please refer to CoStar COMPS #3958753 for additional information on the transaction.